August 23, 1999
August 23, 1999 - Atlas Copco has signed a definite agreement to sell Atlas Copco Controls to Danaher Corp., a leading company in the electrical equipment/component industry, with headquarters in Washington D.C, USA. Atlas Copco Controls had revenues of approximately SEK 470 million in 1998. The transaction is expected to close in September and is subject to customary government approvals. The selling price was not disclosed.
Atlas Copco Controls is a high-tech company specializing in industrial automation, motion control systems, electronic drives for electric vehicles, and customized drive systems. The company has 235 employees operating in Europe and the United States. Approximately 50% of sales are outside Sweden.
"The motion control business has not enough synergies with our core business, and we believe that Danaher offers a better environment to encourage further growth of the company," says Gunnar Palme, Business Area Executive, Atlas Copco Industrial Technique. "However, Atlas Copco Controls will remain an important supplier of components to our Group."
Atlas Copco is an international group of industrial companies with its head office in Stockholm, Sweden, and sales of SEK 34 billion. 97 percent of revenues come from outside Sweden. Atlas Copco companies develop, manufacture, and market electric and pneumatic tools, compressors, construction and mining equipment, assembly systems, and provide service and rentals. During recent years, rental service has become an important business for the Group. Additional information about Atlas Copco is available at the Group’s web site, www.atlascopco.com, which provides access to current news about the Company.